China's venture capital collapse

Chinese President Xi Jinping talks a good game about balancing private and state-owned enterprise, but the scoreboard is telling a different story. The big picture: Venture capital investment in Chinese startups has collapsed, as first detailed last week by the Financial Times. • Not only foreign investment from the U.S. and other western countries, but also from domestic, RMB-denominated funds. • "I knew things were bad," says a U.S. venture capitalist who used to invest in China, "but I didn't know it was this bad." By the numbers: Chinese startups...